Speak Up: Senate passes realty transfer tax modifications to spur affordable housing
Posted
Legislation to encourage increased investment in affordable housing by modifying components of the state’s realty transfer tax passed the Senate on May 18.
Senate Substitution 1 for Senate Bill 87, sponsored by Sen. Russ Huxtable, D-Lewes, establishes several changes in the homebuying process to lower costs for buyers and sellers.
Under the bill, existing exemptions of the state portion of the realty transfer tax would be expanded to include new affordable housing units constructed by nonprofit organizations.
Current state law exempts nonprofit organizations that rehabilitate properties for affordable housing from the state portion of the tax.
- Does “affordable” also mean folks will maintain the community integrity, too? — Howard Gaines III
